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The DMO held its quarterly investor and.......>

GILTS
GILTS: The DMO held its quarterly investor and GEMM consultation meetings to
discuss issuance for Oct-Dec yesterday. The DMO is proposing 2 short, 3 medium,
2 long and 3 linkers auctions while also consulting on syndications. The Minutes
have just been released.
- Shorts (2 auctions): There was unanimous support for two auctions of the
0.625% Jun-25 gilt (as we expected).
- Mediums (3 auctions): All investors and GEMMS (except one GEMM) favoured three
auctions of the 0.875% Oct-29 gilt (as we expected). One GEMM favoured an
auction of the 1.25% Jul-27 gilt.
- Longs (2 auctions): The 1.75% Jan-49 gilt was the most often favoured to be
issued with "some" investors and gilts favouring both auctions to be for this
issue. There were also calls for the 1.75% Sep-37 or a new 20y or 25y gilt. Some
GEMMs and investors favoured the 1.75% Jul-57 gilt while some investors also
called for the 1.625% Oct-71. (1/2)

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